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recovering from devastation caused by superstorm sandy. >> i think the most likely explanation here is sandy's impact was significant but was so short-lived that it didn't extend to the sample period of the employment report which was the week that covered november 12. >> reporter: hiring was also supposed to be weak due to worries about the fiscal cliff. with $600 billion in automatic tax hikes and government spending cuts set to start next yer, why aren't more firms postponing hiring decisions? >> what we're hearing from businesses is that it is really hard to actually pull back hiring right now, because they've already fired so many workers, gotten so lean that it's really difficult. >> reporter: but not all the surprises in the report were good. at 7.7%, the unemployment rate hit its lowest level since december 2008. but that was mostly due to people giving up their search for work. and there's another disappointing trend, weak wage growth. >> what we are not seeing is strong income generation. the slowing in wage gains-- the weak bargaining power of labor comes across in this report and
department says sandy had only a minimal effect. is it true a clean number and what are conspiracy theorists saying. >>> a comment hastings made last july. what does it say about s.e.c. rules and whether they are out of date. >> mcdonald's will post same store sales on monday gets an upgrade to buy taking the forecast to a street high after surveying franchisees. we begin with november jobs number. 146,000 nonfarm jobs added last month above forecast of 80,000. october and september payrolls were revised lower. unemployment rate fell by 0.2 to 7.7. that's the lowest in four years. the dip occurring mostly because more people stopped looking for work and were not counted as unemployed. as for hurricane sandy, the labor department says the storm did not substantively impact the november results and that probably was the biggest surprise to everybody. >> this is a very strong number. i think only u.s. government now can stop this kind of job growth. a fiscal cliff go over -- >> snatching victory from the jaws. >> a superstorm. nothing can stop the generation of jobs in this economy. >> there's
say the slow down in nonfarm payrolls will reflect the effect of sandy. joining us this hour is bank of america merrill lynch global research senior research economist michelle mire and we'll talk through everything that's been happening through jobs and what to expect. but first, there is a developing story. an earthquake off the northeast coast of japan triggered a tsunami warning. the warning has been lifted, but it was a 7.3 quake. so far no reports of any injuries or damage. it was for the same area devastated by an earthquake and tsunami back in march of last year. we will continue to bring you any developments. in the meantime, steve has some of the morning's top other stories. >> let's start with the markets. asian stocks rallying to 2012 highs overnight. the nikkei edging lower after hitting a se hitting hitting a seven month closing high yesterday. european trading, shares seem to be fwllat. bundesbank announced it had cut its growth outlook for the country. in the u.s., the nasdaq snapped its losing streak yesterday with its first gain in five days. the dow was on pace for
at the hospitals affected in hurricane sandy, and i feel like i need to do the ground work to investigate that for myself. gerri: you're doing work, but not all the people you work with in washington are. some are just taking time off before the holidays when this big issue is on the plate. nancy pelosi had to say about this. >> we should be here and came as a surprise, and i'm really surprised that the republicans would leave. we maim in tuesday, and we left wednesday at twelve o'clock noon. with all that needs to be done, avoiding the conversation, sounds like people don't want to be in town for some reason. gerri: does she have a right -- are the republicans trying to avoid the conversation? >> no, absolutely not. we had a hearing this morning in the joint economic committee on this issue, but, you know, it's difficult. it's a one-sided conversation. we have put proposals out in may. there was a proposal or reconciliation bill to stop or reapportion the sequester that's going to happen on january 2nd, in july, passing a bill extending all current tax rates, additional 12 months to allo
moh's slowdown in hiring falls squarely on hurricane sandy, not on any new or widespread weakness in the economy. >> i would expect that by december, we're going to see some bounce back. much of the disruption from sandy was people simply not being able to get to work or firms not employing people that they ordinarily would have. >> reporter: friday, the government will report it's monthly snapshot of the u.s. labor market. it, too, is likely to reflect temporary effects related to the aftermath of hurricane sandy. >> we're looking for only a 50,000 gain in jobs in november, well under that 170,000 average we've seen over the past three months. >> reporter: hurricane sandy's effects on hiring may be short- lived, but experts worry fiscal cliff concerns could result in a new storm brewing for workers looking to land a job in the coming weeks. suzanne pratt, "n.b.r.," new york. >> tom: citi and the financials lead the way higher on wall street, helping the dow top 13,000 again. but a big drop in apple shares kept the nasdaq from gains. by the closing bell, the dow was up 82 points,
number because of hurricane sandy. what do you think about that? > > i think the market will dismiss a weaker-than-expected number because of hurricane sandy and the distortions that it has and look more toward next month, or january's report, that we will get. so, i think they will let it slide. but it should be weaker than expected. i think that is expected by the market, so it shouldn't be a surprise. > goldman sachs has a call out that we will see a renaissance in commodities. are you bullish on any particular commodities here? > > i am bullish on the agriculturals, for reasons of which the supply and also the growing drought that we had this past year, the continued conditions that make for dry growing season next year as well. so i think from a supply/demand standpoint, yes, i think agricultural. the other thing i like, commodities in general, is when the fed's buying $85 million a month worth of treasuries, i think you are going to have to like commodities. > what is your play on the dollar? > > i would have expected it would have had a little more strength this year, especial
sandy, but as drivers rush to replace them, you may be forced to pay a higher price. >> huh. a car salesmen or congressmen? who do americans trust the least? the new numbers and lou dobbs taking up that up. >> how apple is expanding its empire into the crib. >> my goodness. there's little siri there and little macbook. goinged to floor of the new york stock exchange, and, lauren, economic data, down just a little bit in the red today, down 22 points 37 >> yeah, it is the first trading day of the new month. december, a strong month historically for the stocks, but there's a push and pull going on between market forces and the economic data, and we're in the red across the board, relatively flat this monday morning. the data, u.s. manufacturing activity last month lowest level since the summer of 2009, but then we got a construction spending report that was good. in october, it rose by the largest amounts in five months, and then we got auto sales throughout the morning, and while they were decent, gm, toyota, and chrysler missed november's estimates, but ford beat them. that's the d
storm sandy appear to be passing. new claims fell by 25,000 in the week ending december 1 to a lower than expected 370,000 requests. that's raising hopes about november's jobs data, which is due out tomorrow. grey, and christmas says u.s. employment firm challenger, grey, and christmas says u.s. companies annnced 57,000 job cuts last month. separately, the number of planned job cuts rose 20% in november from october's levels. on wall street, the dow rose 39 points, but the nasdaq added 15, the s&p up nearly five. >> reporter: i'm erika miller in new york. coming up tonight, we'll talk to the c.e.o. of kitchen store sur la table and get his outlook for holiday sales. >> tom: lots of theatrics today, but few visible signs of progress in washington towards a fix for the fiscal cliff. the only hopeful sign is that republicans and democrats are talking privately again. but they haven't worked out any of the big issues, including what to do about the nation's debt limit. washington will hit its borrowing limit early next year, darren gersh has the latest. >> reporter: sitting around the ki
noise in this report. early thanksgiving, hurricane sandy. is this rally at the end of the day having anything to do with any anticipation of the jobs report? what are you looking for? >> no, i don't think so. we're looking for almost exactly half. we had 171,000. the consensus is 85 to 90,000. we're looking at half. i understand that, you know, superstorm san difs a horrible event, and i am sure it's going to take some jobs out, but it's going to also be a bit of an excusetrending well. i'll give you an example. wells fargo gallup does a small survey. on hiring, small businesses dropped to the lowest level of opt miimism in four years. it doesn't matter what ben bernanke does. i think his programs have long since not really helped the employment side, but the fiscal cliff is doing obvious damage. that's going to make what everybody knows is coming. we ran out of two years to sell. they're going to go from a twist to outright purchases. it's fully built into the market, but it isn't going to help. the fiscal cliff is going to do more damage to the psyche of job creation than anything
as adp misses estimates. the blame goes to superstorm sandy. goldman says the party is officially over for gold. >> starbucks at an investors conference will add 1,500 stores in the u.s. over the next five years. wait until you hear what they said about china. >> a big day in media. pandora ceo joins us live later this morning as the stock fell nearly 20% on weak guidance and netflix signs a big exclusive with disney. how much are they having to pay up for that? >>> let's deal with this big deal. as i've been telling you we'll see a lot of big deals -- i was wrong. here we are. freeport mcmoran buying not one but two companies. the combined price if you add it all together gets close to $20 billion. that does include debt. let's go through some of the details. it's somewhat complex. let's start with bigger of the two deals. freeport's purchase of plains. approximately $6.9 billion in total now. it's a cash and stock deal. .6531 shares and 39 bucks a share in cash. that adds up to $50 a share. that's a fairly significant premium when we look at where pxp, that being the ticker symbol in
in october and retail sales, i think because of sandy it is going to be over. november and december will be great month for the consumer. i do have hope. i don't think we're going to boom. we won't grow 4% we will grow between 2% and 3% real growth next year in 2013. fiscal cliff even with the fiscal cliff. dave: you and i agree with it will take to get the economy growing stronger because we are like-minded with that. you don't like the economic policies the president is proposing. dozen there come a time when those economic policies to stifle the economy and strip it up? >> absolutely. when we look back in history 1970s had big growth in government and when you have big spending like we do today you get weaker growth. france for 40 years has grown numb to% real gdp and 8% unemployment. they think it is normal. the good news is america doesn't think it is normal and you have to keep pounding the table that this isn't normal. it is not good. so do i. the only way to get back up to good growth is to cut the size of the government. i still believe we have eight to ten years even on th
above expectations. 146,000 jobs added in the month of november. sandy did not have that much of an impact on the numbers. unemployment fell to the lowest level in nearly three years to 7.7%. more people stopped looking for work, all together. consumer sentiment, not as strong heading into the holidays. preliminary index actually fell in december. economists had to look for a slight increase. investors continue to get out of apple. the tech giant having its worst week since they of 2010. apple is in they are barking territory. shortly after the iphone5 came out, part of it in the near profit. let's get to the floor show. bobby, i want to start with this jobs number today. the labor department says no affect on sandy. there was some data that pointed to the fact that people were leaving the workforce because of sandy. >> the numbers speak for themselves. i do not think the full effects can be known until maybe a couple of weeks. there certainly are people that cannot go to work and have been laid off because businesses are out. there are all sorts of new jobs that have sprung u
. >> you have a combination of 11 year old age of autos, destruction of -- by the way, sandy was an auto destroyer. loss of life. horrible. terrible. it also took out many more cars than people realize. you have to pump overtime to be meet the demand. >> we're still adding up sandy and figuring that out. we're far from figuring that out. hundreds of thousands of automobiles. where are we? 15 plus at the end? >> it's possible. 15. it puts people to work in the country. they don't just add in mexico. mexico is booming. fabulous moment for mexico. they will add in this country too. >> there's talk that their share of the market in the northeast, the big three, is not as high as it is in the rest of the country. we live in part of the country where incomes are higher. you may see better numbers out of bmws and mercedes. >> i don't know the percentage that's brought into the new jersey, new york area, the ones that you always see when you go over a bridge and you look down and this is new york -- i don't mean to be too centric. the foreign cars have to replenish quickly. american cars have to
sandy and anxiety over the fiscal cliff affecting job growth. adp showing the private sector created 115,000 positions last month. the expectation was about 125,000. it comes ahead of friday's key employment report and to talk about that and more, our senior economics reporter steve leisman joins us from washington. steve, we'll talk about your interview with secretary geithner in a moment but let's talk about those economic numbers. what about today's, what about friday's? >> before i get to the adp number, i have new information i've been able to report on the way down here from new york. that is, be prepared on friday for potentially, especially in the household survey that creates the unemployment number. be prepared for potentially big sandy effects. let me tell you why. we had an early thanksgiving this year. 11/22. the 22nd of the month. what happens on those kind of years is that the bls moves back the survey week from the 12th which is the normal survey week in this case, to the 5th. what was the fifth? it was the week that really the worst effects of sandy in terms of people no
. melissa: paying the price for hurricane sandy, fema asking for more money to foot the bill. how does the federal government plan to pay for this? lori: the social networking site moving up in the world. how investors could benefit the head. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attentio which is why we are proud to partner with health care professionals who understand the difference that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male annouer ] humana thanks the physicians, nurses, hospitalspharmacists and other health professionals who helped achieve the highest average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to provide... whicmeans better health outcomes... and more quality time to share with the ones who matter most. i
is resolved. superstorm sandy likely had an impact on the unemployment rate economisted expect the unemployment rate to remain at 7.9%. >>> president obama says this northern virginia couple is proof that lawmakers must come to an agreement on a budget deal by the end of the year. he met with tiffany and richard santana yesterday. living with tiffany's parents to help make ends meet. she wrote about her struggles to the white house as part of a social media campaign. >> we live with an extended family. we have two sets of adult incomes in our home. it would be more like a $4,000 tax increase for us, which would be relatively devastating for our family. i wanted to share that with the white house. i wasn't sure i was going to get a response, but i did want to at least make my voice heard. >> president obama says he'll only sign off on a budget deal that includes a tax hike for the wealthiest americans. republicans say they want to generate additional tax revenue by closing tax loopholes and eliminating some deductns. >>> the budget stalemate is taking its toll on maryland and vi
. >>> to the jobs report today. super storm sandy slammed the east coast but it looks like it didn't have all that much impact on the labor market. november jobs numbers coming in much stronger than expected. steve leisman who's had a very busy week here to talk about the numbers and put it in context for us. >> hi, sue. no substantive sandy in the jobs numbers. the lack of sandy effect has us scratching our heads, what they said. i just got off the phone with the guy who's the head of doing the numbers, labor numbers at the bls. he walked me through the rather extensibilive process they did fine out if there was any sandy effect, including sampling of businesses in a flood tide areas. >> it was very meticulous. >> i'm pretty convinced they did a good job figuring out if there was an effect and there is no effect which brings us to the numbers which you could believe on face value as much as you can. they'll revise this again. they only come forward with 60% to 70% of the sample. unemployment rate falling 7.7% because largely a drop in the labor force. average hourly earnings up 0.2%. despite
as we remind you, thises the number you want to see fall. hurricane sandy's impact continues to slowly but surely subside. we had weekly jobless claims dropping by 25,000 last week to a seasonally-adjusted 370,000. the week's prior total was revised upward to 395,000 from 393,000. and treasury prices rising today, pushing yields back down to their lowest level in more than two weeks. look at this pathetic yield on the ten-year note. it fell two basis points to 1.57%. you're not getting a lot of return there. david: which is why some people are putting their money in stocks. we have all this covered. we have til mulholland in the pits of the cme. we have a street fight. jeff believes there will be a fiscal cliff resolution. david wright, on the other hand, thinks d.c. will avoid the cliff, but it will not stop the bears from coming around this time. let's start with tim at the cme. and, tim, we were talking about what a low yield you get now on treasuries. people are looking for some kind of yield, and the only place you're finding it is in the stock market. >> yeah, that's true. you al
superstorm sandy. find out at 8:30 a.m. eastern. and cut! very good. o geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? >>> welcome back to "squawk box" everyone. the futures right now are at this point right around the flat line. we had seen the dow futures up by 15 points or so, it's come back down but probably a lot of people waiting to see what happens in washington because it's been driving trading for several weeks. >>> honda is expecting within two years it will export more vehicles than it imports from japan. the company says the factories will take on a larger role in global product development at that point. >>> all right, i've been wanting to ask larry some specific questions and i'm going to do it now because actually some of the stuff you talk about doug oberhelm, you teach economics, you're an economic sage so the mantra and we heard it again that if we could get rid of the, which is hard, but is the obama's administration resi
. i am talking about it saying i think it's good for this country. ruth is in sandy hook connecticut. >> good morning, bill. i am calling to say, please keep feeling guilty. >> why? >> because this adorable company does things to make sure that they don't pay taxes in the u.s. there is a thing called -- this was in "the new york times." it's double-dutch sandwich which reduces taxes by routing profits through irish subsidarbs like they are in i think arizona, even when they do things in california they manage to ship a part somewhere else. so they are one of the worst, even worse than wal-mart in terms of what they might have contributed to to. i take it that $24,000,000,000. >> they are avoiding in taxes . >> one little tiny thing, they have had the opportunity over the courses of the years to do things in a much safer way when they manufacture in china and all over the place. >> no. there have been stories about the working conditions in china which is another reason i am glad these jobs are coming here. ruth ruth, you make a good point.
liquidators to find out if increased home sales and efforts to rebuild after hurricane sandy could drive it higher. all coming up on "mad money." >>> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer. #madtweets. send jim an e-mail to madmoney@cnbc.com. or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. [ male announcer ] what can you experience in a seat? inspiration. great power. iconic design. exhilarating performance. [ race announcer ] audi once again has created le mans history! [ male announcer ] and once in a great while... all of the above. take your seat in the incomparable audi a8. take advantage of exceptional values on the audi a8 during the season of audi event. >>> here in the united states, we're sitting on titanic amounts of energy that's both cheaper and cleaner than coal or oil, talking about natural gas. but we end up burning off millions of cubic feet of it a day because we don't have enough demand since our government refuses to support embracing nat gas for service vehicles. while we probabl
if increased home sales and efforts to rebuild after hurricane sandy could drive it higher. all coming up on "mad money." >>> don't miss a second of "mad money." follow @jimcramer on twitter. have a question? tweet cramer #madtweets. send jim an e-mail to madmoney@cnbc.com or give us a call at 1-800-743-cnbc. miss something? head to madmoney.cnbc.com. n you. ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. >>> here in the united states, we're sitting on titanic amounts of energy that's both cheaper and cleaner than coal or oil, talking about natural gas. but we end up burning off millions of cubic feet of it every day because we don't have enough demand since our government refuses to support embracing nat gas for surface vehicles. while we probably aren't going to use it ourselves, last time
and unemployment fell to 7.7%. >> hurricane sandy did not have an impact on these numbers. clearly, you do have an improving situation here. >> the message we all want to send to members of congress is this is a solvable problem. >> we've only got 25 days until the fiscal cliff. >> according to "new york times," house speaker john ba boehner has asked democratic leaders to step aside so he and the president can negotiate a deal one on one, and no one is objecting. >>> the crisis in egypt remains volatile, with massive anti-government rallies planned today. >>> heartbreaking survival story for a woman stranded in the snow in the california sierra nevada mountains. >>> shoppers at a seattle macy's had to be hospitalized when an escalator they were riding malfunctioned. >> fire to the end zone. touchdown. >> broncos with their eighth straight win. >> all that -- >> three, two, one! >> my 50th birthday, she gives everybody a car and then she's all, thank you for coming to gayle's birthday! >> we're talking about oprah, right? >> no, of course not. >>> and all that matters. >> south carolina tea par
, sandy pass no mat what they are. if they're disas truss it was sandy. if the economy is great --. ashley: so difficult to trade in this environment right now. >> it is so difficult to trade. people have to be very aware. that is the key word you use, trade. do you want to be a trader or do you want to be an investor? so many people tell me, charles, i don't want to be trader. they buy at 30, goes to 28.04, oh, my god i need to sell it, i'm losing my shirt!. what the heck. i thought you didn't want to be a trader? one of the reasons i'm getting a little bit bullish about the market in general. i'm a individual stock guy. i don't like to do the macro thing. i like the way the market acts. we've seen a shaking out of the weak sisters. we had the market pull back sharply. we saw the pullback in apple. weak holders of stocks, weak sisters have for the most part been shaken out. it would take disasterous news --. ashley: talking about disaster, what if we went over the cliff? >> if we did go over the cliff and saw the market pull back sharply i would look to be a buyer on the pullback. here's
of superstorm sandy. the labor department reported that 370-thousand people filed initial jobless claims last week. that's down 25-thousand people compared to the previous week. claims surged in mid- november, after the storm put many workers out of a job temporarily. november's jobs report is due out tomorrow. return to the new fantasyland in the magic kingdom at walt disney world in florida is officially open for business. the expansion includes more disney characters and two new themed areas -- the enchanted forest and storybook circus. the 425-million-dollar expansion is the largest in of the original fantasyland. will be opened through 20- 14. sports as next.. is next (male announcer): now, here's stanley roberts who found people behaving badly. >> you are looking at surveillance video of a bandit that has been hitting a home in livermore repeatedly the resident hopes you can idenitfy this brazen in the middle of the night thief he would steal >> cigarette packs on the front yard some garden tools that were in thr front yard one time he went in the back and a bb gun was stolen sara belie
to get up. >> you okay, buddy? >> more than a month after superstorm sandy, a family living in a borrowed apartment is trying to put its life back together. >>> plus, back behind bars. john mcafee under arrest and get this. he's blogging from jail. >>> and could an online review of a business get you sued? a new case raises the question, just how far can you go when you sound off online? tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. hurry in and try five succulent entrees, like our tender snow crab pair
and superstar on sandy is going to be a key factor when the numbers do come out. economists predict job growth last month slow because of the storm. the reports silver lining to be that-the storm, the job market is strengthening. those numbers are expected to come out at 530 local time. we will be keeping an eye on them throughout the kron 4 morning news. >> the time is 4:13 a.m. on your morning news--friday morning. we will be back with the kron 4 morning news when we come morning erica will have your traffic and janu at your weather and we will have more headlines. welcome back the time is for 3:00 p.m.. local reservoirs have seen a much needed increase in water level since last week end storms. reservoirs in santa clara improved significantly with the rain fall, but levels are still not exactly where they need to be. since last wednesday, the santa clara valley water district says ever stores and their 10 reservoirs' increased from 74 to 91 percent of weather should normally be. that's an increase of nearly 4 billion gal. of water. and over in the east bay, reservoir levels increased about
. stuart: rebound from sandy. >> and holidays the economy is getting stronger branded is going to get stronger and jobs will increase. stuart: you think the economy is getting stronger. what is the evidence for that? >> it hit a plateau and stopped. it can only go up. i do not believe it will down. [talking over each other] stuart: what do you see in the future? 3.5% or 4%? >> a small increase will happen in the future. sandra: based on what? you have obamacare and a potential recession -- stuart: taxes going up. if you think -- >> will force change and until this country needs serious change -- stuart: when you're talking economic growth you are trying to tell me we have grown at 2.5% and that is it and that is why we have got. you are saying we will go to 3.5%? >> i do believe there will be an increase and on the twenty-first we will see an increase whether it has to do with seasonal growth or hurricane sandy we will see an increase which is an improvement. stuart: every time you speak out when the heart. i want to move to the ibm story. it is changing its 401 k organizing, how it p
of superstorm sandy largely ruled out. the four-week average at 408,000 is still elevated. most of the year we have seen claims around that 370,000 to 375,000 level which suggests modest growth. we get the november employment growth tomorrow. that's a key factor although again sandy will distort the numbers. >>> flat start on wall street. investors still looking for some progress. dow down 1, nasdaq down 1, s&p down 1, as well. apple shares down 1.25%. back to you. >> it's 1s across the board. thank you. >>> the new reality in washington state recreational use of marijuana is now legal. hundreds of people showed up at the space needle to celebrate at midnight. voters approved the law last month. adults can now possess up to an ounce of pot. but growing and selling it is still a crime. colorado by the way also legalized recreational use of marijuana but that amendment won't take effect until the governor proclaims that it passed. >>> just two years after arriving in the bay area, the "fresh & easy" market chain could be going away. there are 19 "fresh & easy" markets in the bay area employing a
time in a week. >> all we need. another system on its way and sandy is tracking the next system as it moves in. >> let me show you live doppler 7 h d.we have some very light returns around ukiah. we have our own doppler on mount saint helena tracking the system for you. as i take you in a little bit closer here very light rain like i said around ukiah. around highway 2 53. old river road as we look across other parts of the bay area fish rock road very light returns just east of point arena and we'll continue to see the development of some rainfall. 5:00 a.m. tomorrow. north bay is where the light rain is falling. 7:00 a.m. still in the north bay this is look at the morning 9:00 a.m. still in the north bay but that will be changing as we head into 11:00 a.m. a little more wide spread to the north and as we lack terrain fall percent of normal the last 3 storms wished us well above average. santa rose 178 percent of normal. san francisco 160. oakland 153 and san jose 129 even surrounding areas you could i a-sacramento, well above normal for this time of year with more r
the layoffs of people on able to work because of super storm sandy. we had 140,000 americansaw a drop in te unemployment rate to 7.7%. this is the lowest since december 2008. > a month after his election present obama has a sizable rating and more than a year. the poll finds the president's rating stands at 57 per cent the highest since may last year when navy seals killed outside a leader osama bin live in. applies more americans that the nation is headed in the right direction. 42 percent say the country is on the right track and a majority believe is likely president obama will improve the economy. however americans are divided on what a president he has been. but 37 percent think he's been above or above average or outstanding. 36 percent say below average or four. >> the us supreme court scheduled to meet behind closed doors again today to consider reviewing the legal issues regarding same-sex marriage. that includes a challenge to california's controversial controversy old proposition 8. if the court refuses to review the prop a case same-sex marriage could be legal in california as s
's not pretty. there is a lot of money wasted. what does that say about the money from superstorm sandy and how will be used? the governors have asked for more money than ever in dealing with the aftermath of the storm or method is the same thing all over again. what governor cuomo is doing is focusing on a big number. $42 billion that he wanted from washington. he really has no idea what the damages and how much it will cost to fix the system -- the signal system in the subways. they really won't know anyone have any idea any idea how much it will really need until later. gerri: it is a guessing game. >> exactly. the local and state politicians think of this is free money and they don't spend it well. gerri: i saw the list that andrew cuomo requested and he wanted everything but a pony. [laughter] >> new york city is paying hundreds of dollars per night for empty hotel rooms. it's free money, as michael said. that is the kind of attitude where nobody really watches. everybody assumed someone else is going to pay later. but we all pay because the cost of living is reflected in the way governmen
initial claims. they say it's a sign nearly all of the effects of superstorm sandy on the labor force have evaporated. this report comes a day before the government releases its closely watched job survey. there are reports that hiring sank last month because of sandy. >>> a new study shows if taxes go up on upper-income americans, the passage of proposition of 3 -- of proposition 30, raised the tax rate for california's highest income earnser -- earners to 13.3%. if the bush cuts expire at the end of the year, that would brick the overall tax rate for higherners in rainfall -- high earners to 51%. >>> this afternoon, president obama will visit a family in northern virginia. he will be talking about the importance of congress extending tax cuts for middle- klaas americans. it's all -- middle-class americans. it's tall about taking action to avoid the fiscal cliff by the end of the month. >>> back here, san jose police investigating a dadly hit and run. last night a man believed to be in his 50s was killed while crossing the intersection at white and kimby roads. he's the -- qwimby roads. t
of impacts from hurricane sandy. the bank saying it is looking for ways to cut expenses. those cuts amount to 4% of the companies workforce and is estimated to save $1.1 billion every year. stocks now and every 15 minutes. nicole petallides. nicole: we are looking at a market that is to the downside. let's take a look at citigroup. it is about 4% of the workforce. citigroup is higher. it has had an up arrow throughout the day today. we saw the dow jones industrials this week to the downside. we had two consecutive days in selling. down arrows for the nasdaq. down 1.1%. connell: breaking news out of washington. earlier, speaker boehner speaking about the fiscal cliff. now it is president obama. let's listen. >> we have emerged not yet where we need to be, but we certainly have made progress. the reason we have made progress in part is because of the outstanding management and productivity and gains and efficiencies that you have been able to achieve in each and every one of your companies. i have said this to some of the small groups, let me repeat it to the large groups, i am passionately
jobs in november. sharply down from 137,000 created in october. blaming hurricane sandy saying it trimmed job growth by 86,000 workers, small business created the fewest jobs in nearly two years. factory orders edging higher in october rising 0.8% according to the commerce department. orders for capital goods posting their biggest increase in eight months jumping nearly 3%. liz: in the pits of the cme. telling us why we could see a 20% drop in the market next year. telling us the sector that will be the big bright spots next year even though he is cautious for 2013. both of these guys say we find ways to invest the matter what. let's start with joe. a great day for the dow and the s&p. the nasdaq sort of a head fake to the other side. tell me what really jumped out to you in the pits. >> when we were challenging earlier in the day and the volatility was falling. in other words it was negative. we see it fall off and it is down. down about 4%. we continuthe continued the chog noncommittal trade in the s&p. never telling us the fear that we would see an apple and we were sensing
, coupled with the fact we just came off of hurricane sandy, this is not the time to play games and taunt one another with these plans that everybody knows are not real plans. >> i agree, but i think we should look beyond one year's growth. we're talking about growth through 2050. the gentleman pretending to know he knows the growth rate between now and 2050 -- >> he gets paid to make predictions, steve. that's what he's doing. by the way, his former predictions have been right. let's give him that. >> some of them have been right. there was a guy in the 19th century who predicted we were all going to starve as he predicted the proplatiopulation of the world with but forgot to predict the agricultural technology. you can't hold one constant and let the other variable be a variable. >> right now this country is focusing on policies that continue to predistribute from the most productive members to those that may be more favorable. that's his point, that we've continued to lose momentum for the past several decades and continuing to implement those same policies that are going to undermine
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